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Hi all.
I need help help from my credit focused online friends (my friends believe I've gone mad). My goal is the best possible financial place for investment property mortgage in 1 yr.
Since joining I've realized a fewthings:
1. My utilization was killing my score (38%)
2. The reason utilization was so high relates to my credit cards with lower limits (never asked for cli)
3. On time payments matter but so does the closing dates
so currently
Amex - NPSL (not clear how this relates to utilization) 1200 owed
Chase- Amt owed 0 limit 7500
Cap1QS - 0 owed limit 6600
Banana Rep - 0 owed 5000 limit
Simplicity - 5900 owed limit 10k
LOC 6200 owed credit 1600
personal loan 6k owed
car loan
student loan
My baddies - few lates, satisfied tax lien
credit scores : ex/tu/EQ--- 755/ 769 / 728
would love to get as close to 800 as possible
Please guide me!!
I'm planning on re-opening my PenFed acct with a hard pull - add savings, maybe a credit card (to increase credit availability) possibly refinance my car loan if rates better.
good idea or bad idea
other things to look at??
ttahks for your input
To get the highest score possible, pay down all revoling to 0 balance except 1. For that 1 keep it under 7% of that TL util. Then see if you can possibly get some of the lates removed via good will letters. Depending on how old they are and who they are with it may be very unlikely.
@Anonymous wrote:Hi all.
I need help help from my credit focused online friends (my friends believe I've gone mad). My goal is the best possible financial place for investment property mortgage in 1 yr.
Since joining I've realized a fewthings:
1. My utilization was killing my score (38%)
2. The reason utilization was so high relates to my credit cards with lower limits (never asked for cli)
3. On time payments matter but so does the closing dates
so currently
Amex - NPSL (not clear how this relates to utilization) 1200 owed
Chase- Amt owed 0 limit 7500
Cap1QS - 0 owed limit 6600
Banana Rep - 0 owed 5000 limit
Simplicity - 5900 owed limit 10k
LOC 6200 owed credit 1600
personal loan 6k owed
car loan
student loan
My baddies - few lates, satisfied tax lien
credit scores : ex/tu/EQ--- 755/ 769 / 728
would love to get as close to 800 as possible
Please guide me!!
I'm planning on re-opening my PenFed acct with a hard pull - add savings, maybe a credit card (to increase credit availability) possibly refinance my car loan if rates better.
good idea or bad idea
other things to look at??
ttahks for your input
from personal experience:
I didn't hit 800 until I had no baddies on my reports
after opening a new account it takes 6-9 months for my scores to get back to 800s
side note, you don't need an 800 score to get the best mortgage rates, highest lender overlay I have seen is a 760 mid score for the best rate (keep in mind this is mortgage score NOT FICO8 scores)
Thanks for the response.
I will focus on the debt and wait for GW
Time.
i have a 800 plus score:
0 baddies
0 late payments
1-2% Utilization
22 total accounts reporting (open and closed)
7 open accounts (6 revolving and one installment loan)
AoA (open) 7 years
Oldest open account 22 years
Oldest closed account 26 years
AoA (all) 9 years
Hard Inquiries: 1 on each bureau.
Hope this helps.
That elusive 800 score is my goal, too. I am hoping a year and a half in the garden will do it. We shall see. Good luck to you, OP!
@Anonymous wrote:i have a 800 plus score:
0 baddies
0 late payments
1-2% Utilization
22 total accounts reporting (open and closed)
7 open accounts (6 revolving and one installment loan)
AoA (open) 7 years
Oldest open account 22 years
Oldest closed account 26 years
AoA (all) 9 years
Hard Inquiries: 1 on each bureau.
Hope this helps.
This is very close to my profile with the exception of my Equifax. I hit 802 on TU a couple of months ago but had a new account show and a closed account and its been a struggle to get back. But this is a very good blueprint.
As others have said, you'll need to get rid of the negatives to make real progress. However, your scores are quite good, all thngs considered.
One of the things I think might be hindering you is the ratio of balance to credit limit. I'm not referring to overall utilization but an individual one.
Amex - NPSL (not clear how this relates to utilization) 1200 owed - Does not count in utilization.
Chase- Amt owed 0 limit 7500
Cap1QS - 0 owed limit 6600
Banana Rep - 0 owed 5000 limit
Simplicity - 5900 owed limit 10k - Amount owed is much too high @ 59%. Try reducing to at least 20 - 30%. Of course, lower is always better.
LOC 6200 owed credit 1600 -
I know the (rule-of-thumb) advice here is to have only one card reporting a balance and that balance should be <10%. While that is sound advice, it's not necessary when it comes to obtaining a score of 800+. I'm putting my info below ONLY to make that point:
I have 131,000.00 worth of credit lmits with less than 5% utilization. However, that utilization is spread among 3 dufferent accounts. When I went from the 790s to 806 FICO, I had 5 cards with balances that amounted to 13% overall utilization.If it matters, my AoA is 8 years, 9 months.
I have gained an incredible amount of invaluable information from this forum which has helped me tremendously. I'll always be grateful for that. Try to read the board frequently. Be wise when applying for credit. Apply for cards from issuers that would use a "soft pull" for CLIs, as well as those that are known for auto CLIs.
Best of luck!
@SpiceIslander wrote:As others have said, you'll need to get rid of the negatives to make real progress. However, your scores are quite good, all thngs considered.
One of the things I think might be hindering you is the ratio of balance to credit limit. I'm not referring to overall utilization but an individual one.
Amex - NPSL (not clear how this relates to utilization) 1200 owed - Does not count in utilization.
Chase- Amt owed 0 limit 7500
Cap1QS - 0 owed limit 6600
Banana Rep - 0 owed 5000 limit
Simplicity - 5900 owed limit 10k - @Amount owed is much too high @ 59%. Try reducing to at least 20 - 30%. Of course, lower is always better.
LOC 6200 owed credit 1600 -
I know the (rule-of-thumb) advice here is to have only one card reporting a balance and that balance should be <10%. While that is sound advice, it's not necessary when it comes to obtaining a score of 800+. I'm putting my info below ONLY to make that point:
I have 131,000.00 worth of credit lmits with less than 5% utilization. However, that utilization is spread among 3 dufferent accounts. When I went from the 790s to 806 FICO, I had 5 cards with balances that amounted to 13% overall utilization.If it matters, my AoA is 8 years, 9 months.
I have gained an incredible amount of invaluable information from this forum which has helped me tremendously. I'll always be grateful for that. Try to read the board frequently. Be wise when applying for credit. Apply for cards from issuers that would use a "soft pull" for CLIs, as well as those that are known for auto CLIs.
Best of luck!
So very true, for me the is no change in score if I have 1, 2 or 3 cards reporting a balance (generally my utilization is less than 4% per card); haven't tried letting 4 or more cards report